Is Pekin, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Pekin is a seller's market

Buyer's
Market

Difference Since March 2023

Since last year, Pekin has remained a Seller's Market.

Key Takeaway

Pekin is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Pekin, IL

How much do homes in Pekin, IL cost?

Median Sold Price

$124,920

$88/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$17,003(+15.8%)

Key Takeaway

Homes in Pekin have sold for 15.8% more than they did a year ago.

Summary: The median home sold price in Pekin was $124,920 in March 2024, up 15.8% from last year, and the median price per square foot was $88.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $45K$40K
-11.1%
2 $87.4K$91K
+4.1%
3 $119.5K$129K
+7.9%
4 $149.9K$162.4K
+8.3%
5+ $164.4K$238K
+44.8%

Summary: Pekin housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 11.1%, 2 bedroom homes increased by 4.1%, 3 bedroom homes increased by 7.9%, 4 bedroom homes increased by 8.3%, and 5+ bedroom homes increased by 44.8%.

Median Sold Price Compared To Nearby Cities

Pekin Township
+26.5%
Pekin
+15.8%
Marquette Heights
+12.5%
Cincinnati Township
-6.2%

Housing Supply in Pekin, IL

How many homes are available in Pekin, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
102103+1.0%

Summary: The Pekin real estate market had 103 homes for sale in March 2024, a 1.0% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 15
+400.0%
2 3633
-8.3%
3 4141
0.0%
4 1818
0.0%
5+ 66
0.0%

Summary: The Pekin housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 400%, 2 bedroom homes decreased by 8.3%, 3 bedroom homes remained the same, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
3134+9.7%

Asking Price vs. Sold Price

17 Homes Were Sold
Under Asking

7 Homes Were Sold
At Asking

9 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Pekin, you may be able to get a good deal. 51.5% of homes here sold below asking price last month.

Summary: A total of 34 homes were sold or pending in Pekin in March 2024, up by 9.7% month-over-month. Of the 33 sold homes, 52% were sold under asking, 21% were sold at asking, and 27% were sold over asking.

Days on Market for Pekin, IL

How long does it take to sell a home in Pekin, IL?

Average Sale Time

Mar 2023Mar 2024CHANGE
30 Days20 Days-35.2%

Summary: Homes in Pekin had an average of 20 days on market in Mar 2024, down by 35.2% compared to last year.

Breakdown of Home Sale Times

27 Homes Were Sold
Under 30 Days

6 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Pekin are selling fast, if you're buying plan to act quickly.

Summary: During March 2024, 34 homes were sold in Pekin; 79% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 24 Days Ago

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